Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,741/mo
Lowest payment- Down payment
- $180,276
- Funds due
- $192,389
- Interest + MI left
- $88,322
- First ends
- Sep 2050
Assumption
Assumption + second
$2,739/mo
+$998/mo- Down payment
- $44,276
- Funds due
- $57,788
- Interest + MI left
- $311,573
- First ends
- Sep 2050
New loan
New conventional
$3,276/mo
+$1,535/mo- Down payment
- $44,276
- Funds due
- $54,156
- Interest + MI left
- $577,152
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,724 | $258,724 | $394,724 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,217.71 | $1,217.71 | $2,674.00 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | — | — | $78.94 |
| Taxes, insurance & HOA | $523.17 | $523.17 | $523.17 |
| Total housing payment | $1,740.87 | $2,738.79 | $3,276.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,276
Closing costs & prepaids$13,512
Usable credit−$0
Total buyer cash needed$57,788
Earnest money paid−$0
Remaining funds due$57,788
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,390.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,293.62
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,119.50
Prepaid interest, first (5 days)$92.15
Prepaid interest, second (5 days)$149.04
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 9 moOf the original 30-year loan at 2.6%
Interest already paid$45,884Through Dec 2026
Assumption only · ends Sep 2050$88,322
Assumption + second · ends Sep 2050, second Jan 2057$311,573
New conventional · ends Jan 2057$577,152